An online lending platform called Kabbage sent 378 pandemic loans worth $7 million to fake companies (mostly farms) with names like “Deely Nuts” and “Beefy King.” The shoreline communities of Ocean County, New Jersey, are a summertime getaway for throngs of urbanites, lined with vacation homes and ice cream parlors. Not exactly pastoral which is odd, considering dozens of Paycheck Protection Program loans to supposed farms that flowed into the beach towns last year. As the first round of the federal government’s relief program for small businesses wound down last summer, “Ritter Wheat Club” and “Deely Nuts,” ostensibly a wheat farm and a tree nut farm, each got $20,833, the maximum amount available for sole proprietorships. “Tomato Cramber,” up the coast in Brielle, got $12,739, while “Seaweed Bleiman” in Manahawkin got $19,957.
Hundreds of PPP loans went to fake farms in absurd places
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Hundreds of PPP Loans Went to Fake Farms in Absurd Places
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